{"id":90244,"date":"2022-11-24T17:22:17","date_gmt":"2022-11-24T12:22:17","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=90244"},"modified":"2022-11-24T17:22:22","modified_gmt":"2022-11-24T12:22:22","slug":"fbr-immoveable-properties-deemed-tax-form","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/fbr-immoveable-properties-deemed-tax-form.html","title":{"rendered":"FBR asks owners of immoveable properties to submit deemed tax form"},"content":{"rendered":"\n<p>Islamabad: The Federal Board of Revenue (FBR) requires citizens who own more than two immovable properties to file a form specified for the deemed tax levied on those properties by December 31, news sources reported on November 24.<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/fbr-traders-early-clearance-tax-refund.html\" data-type=\"post\" data-id=\"90060\" target=\"_blank\" rel=\"noreferrer noopener\">FBR assures traders of early clearance of tax refund<\/a>\u00a0<\/p>\n\n\n\n<p>The deemed tax will be applicable at 5% of the immovable property&#8217;s fair market value, with the tax rate on such income set at 20%. The government has enacted regulations that would tax residents who own immovable property in Pakistan on deemed<a href=\"https:\/\/www.zameen.com\/news\/fbr-income-tax-filing-deadline.html\" data-type=\"post\" data-id=\"89743\" target=\"_blank\" rel=\"noreferrer noopener\"> income starting in the tax year 2022. <\/a>The filling of the form has been made mandatory by the authorities. Even individuals who have previously submitted their taxes must file the deemed tax form by December 31, 2022. Section 7E of the Income Tax Ordinance requires taxpayers to furnish information on all forms of immovable property including; agricultural, industrial, residential, and commercial property, as well as the total amount of presumed taxable assets and deemed income.<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/valuation-table-data-computerised-ascertain-punjab-property-tax-dues.html\" data-type=\"post\" data-id=\"66913\" target=\"_blank\" rel=\"noreferrer noopener\">Valuation table data computerised to ascertain Punjab property tax dues<\/a><\/p>\n\n\n\n<p>It is important to note that FBR has set a tax target of PKR 7.4 trillion, which requires readjustments of the types of tax levied on various sectors. The government has already imposed separate tax regimes for filers and non-filers to accommodate the tax revenue targets.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The Federal Board of Revenue (FBR) requires citizens who own more than two immovable properties to file a form specified for the deemed tax levied on those properties by December 31, news sources reported on November 24. Read: FBR assures traders of early clearance of tax refund\u00a0 The deemed tax will be applicable at 5% of the immovable property&#8217;s fair market value, with the tax rate on such income set at 20%. The government has enacted regulations that would tax residents who own immovable property in Pakistan on deemed income starting in the tax year 2022. The filling of the form has been made mandatory by the authorities. Even individuals who have previously submitted their taxes must file the deemed tax form by December 31, 2022. Section 7E of the Income Tax Ordinance requires taxpayers to furnish information on all forms of immovable property including; agricultural, industrial, residential, and commercial property, as well as the total amount of presumed taxable assets and deemed income. Read: Valuation table data computerised to ascertain Punjab property tax dues It is important to note that FBR has set a tax target of PKR 7.4 trillion, which requires readjustments of the types of tax&hellip;<\/p>\n","protected":false},"author":84,"featured_media":75334,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15017],"tags":[55065,55066],"persona":[],"class_list":{"0":"post-90244","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-notices-announcements","8":"tag-fbr-asks-owners-of-immoveable-properties-to-submit-deemed-tax-form","9":"tag-fbr-property-tax","10":"cat-15017-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>FBR asks owners of properties to submit deemed tax form- Zameen News<\/title>\n<meta name=\"description\" content=\"Islamabad: The Federal Board of Revenue (FBR) requires citizens who own more than two immovable properties to file a form specified for the deemed tax\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/fbr-immoveable-properties-deemed-tax-form.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FBR asks owners of properties to submit deemed tax form- Zameen News\" \/>\n<meta property=\"og:description\" content=\"Islamabad: The Federal Board of Revenue (FBR) requires citizens who own more than two immovable properties to file a form specified for the deemed tax\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/fbr-immoveable-properties-deemed-tax-form.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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